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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: September 30, 2021
Or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ________________ to ________________
Commission file number: 001-13221
Cullen/Frost Bankers, Inc.
(Exact name of registrant as specified in its charter)
Texas74-1751768
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
111 W. Houston Street,San Antonio,Texas78205
(Address of principal executive offices)(Zip code)
(210)220-4011
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on
which registered
Common Stock, $.01 Par ValueCFRNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 4.450% Non-Cumulative Perpetual Preferred Stock, Series BCFR.PrBNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of October 21, 2021 there were 63,715,008 shares of the registrant’s Common Stock, $.01 par value, outstanding.



Cullen/Frost Bankers, Inc.
Quarterly Report on Form 10-Q
September 30, 2021
Table of Contents
 Page
Item 1.
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Cullen/Frost Bankers, Inc.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
September 30,
2021
December 31,
2020
Assets:
Cash and due from banks$638,296 $529,454 
Interest-bearing deposits15,601,647 9,758,624 
Federal funds sold6,125 775 
Resell agreements7,903  
Total cash and cash equivalents16,253,971 10,288,853 
Securities held to maturity, net of allowance for credit losses of $158 at September 30, 2021 and $160 at December 31, 2020
1,759,270 1,945,673 
Securities available for sale, at estimated fair value11,731,222 10,437,565 
Trading account securities25,292 24,456 
Loans, net of unearned discounts15,832,670 17,481,309 
Less: Allowance for credit losses on loans(250,150)(263,177)
Net loans15,582,520 17,218,132 
Premises and equipment, net1,023,170 1,045,578 
Goodwill654,952 654,952 
Other intangible assets, net1,019 1,563 
Cash surrender value of life insurance policies189,941 189,984 
Accrued interest receivable and other assets638,968 584,561 
Total assets$47,860,325 $42,391,317 
Liabilities:
Deposits:
Non-interest-bearing demand deposits$17,151,583 $15,117,051 
Interest-bearing deposits22,461,184 19,898,710 
Total deposits39,612,767 35,015,761 
Federal funds purchased27,200 48,850 
Repurchase agreements2,200,029 2,068,147 
Junior subordinated deferrable interest debentures, net of unamortized issuance costs136,400 136,357 
Subordinated notes, net of unamortized issuance costs99,139 99,021 
Accrued interest payable and other liabilities1,412,428 730,165 
Total liabilities43,487,963 38,098,301 
Shareholders’ Equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($1,000 liquidation preference) issued at September 30, 2021 and December 31, 2020
145,452 145,452 
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,236,306 shares issued at September 30, 2021 and December 31, 2020
642 642 
Additional paid-in capital1,004,924 997,168 
Retained earnings2,920,074 2,750,723 
Accumulated other comprehensive income (loss), net of tax350,283 512,970 
Treasury stock, at cost; 568,570 shares at September 30, 2021 and 1,225,066 shares at December 31, 2020
(49,013)(113,939)
Total shareholders’ equity4,372,362 4,293,016 
Total liabilities and shareholders’ equity$47,860,325 $42,391,317 
See Notes to Consolidated Financial Statements.

3

Cullen/Frost Bankers, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Interest income:
Loans, including fees$168,779 $169,002 $518,957 $512,444 
Securities:
Taxable20,736 22,560 61,366 71,950 
Tax-exempt56,882 58,073 169,656 175,968 
Interest-bearing deposits5,830 1,512 11,877 10,894 
Federal funds sold2 5 13 721 
Resell agreements6 14 11 163 
Total interest income252,235 251,166 761,880 772,140 
Interest expense:
Deposits3,677 5,397 10,693 27,677 
Federal funds purchased9 7 24 92 
Repurchase agreements632 475 1,597 3,913 
Junior subordinated deferrable interest debentures631 700 1,915 2,893 
Subordinated notes1,164 1,164 3,492 3,492 
Federal Home Loan Bank advances   318 
Total interest expense6,113 7,743 17,721 38,385 
Net interest income246,122 243,423 744,159 733,755 
Credit loss expense 20,302 63 227,474 
Net interest income after credit loss expense246,122 223,121 744,096 506,281 
Non-interest income:
Trust and investment management fees37,381 31,469 110,569 97,002 
Service charges on deposit accounts21,216 19,812 61,058 60,043 
Insurance commissions and fees11,748 11,456 39,834 38,609 
Interchange and card transaction fees4,490 3,503 13,224 9,724 
Other charges, commissions and fees9,785 8,370 26,729 25,398 
Net gain (loss) on securities transactions   108,989 
Other8,569 8,991 26,258 34,352 
Total non-interest income93,189 83,601 277,672 374,117 
Non-interest expense:
Salaries and wages99,463 93,323 289,956 282,485 
Employee benefits21,576 16,074 62,840 59,824 
Net occupancy27,208 25,466 79,909 76,116 
Technology, furniture and equipment28,494 26,482 84,508 77,768 
Deposit insurance3,088 2,372 8,893 7,796 
Intangible amortization157 212 544 710 
Other38,017 38,221 116,749 121,293 
Total non-interest expense218,003 202,150 643,399 625,992 
Income before income taxes121,308 104,572 378,369 254,406 
Income taxes13,333 9,516 36,311 11,525 
Net income107,975 95,056 342,058 242,881 
Preferred stock dividends1,668  5,488 2,016 
Redemption of preferred stock   5,514 
Net income available to common shareholders$106,307 $95,056 $336,570 $235,351 
Earnings per common share:
Basic$1.66 $1.50 $5.25 $3.72 
Diluted1.65 1.50 5.22 3.71 
See Notes to Consolidated Financial Statements.
4

Cullen/Frost Bankers, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(Dollars in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Net income$107,975 $95,056 $342,058 $242,881 
Other comprehensive income (loss), before tax:
Securities available for sale and transferred securities:
Change in net unrealized gain/loss during the period
(80,668)20,332 (209,779)406,959 
Change in net unrealized gain on securities transferred to held to maturity
(237)(294)(741)(979)
Reclassification adjustment for net (gains) losses included in net income
   (108,989)
Total securities available for sale and transferred securities
(80,905)20,038 (210,520)296,991 
Defined-benefit post-retirement benefit plans:
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)
1,529 1,330 4,587 3,989 
Total defined-benefit post-retirement benefit plans
1,529 1,330 4,587 3,989 
Other comprehensive income (loss), before tax(79,376)21,368 (205,933)300,980 
Deferred tax expense (benefit)
(16,669)4,487 (43,246)63,205 
Other comprehensive income (loss), net of tax(62,707)16,881 (162,687)237,775 
Comprehensive income (loss)$45,268 $111,937 $179,371 $480,656 
See Notes to Consolidated Financial Statements.
5

Cullen/Frost Bankers, Inc.
Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in thousands, except per share amounts)
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Treasury
Stock
Total
Three months ended:
September 30, 2021
Balance at beginning of period$145,452 $642 $1,002,939 $2,862,966 $412,990 $(51,172)$4,373,817 
Net income— — — 107,975 — — 107,975 
Other comprehensive income (loss), net of tax— — — — (62,707)— (62,707)
Stock option exercises/stock unit conversions (21,968 shares)
— — — (1,085)— 2,213 1,128 
Stock-based compensation expense recognized in earnings— — 1,985 — — — 1,985 
Purchase of treasury stock (478 shares)
— — — — — (54)(54)
Cash dividends – Series B preferred stock (approximately $11.13 per share which is equivalent to approximately $0.28 per depositary share)
— — — (1,668)— — (1,668)
Cash dividends – common stock ($0.75 per share)
— — — (48,114)— — (48,114)
Balance at end of period$145,452 $642 $1,004,924 $2,920,074 $350,283 $(49,013)$4,372,362 
September 30, 2020
Balance at beginning of period$ $642 $989,034 $2,678,686 $488,264 $(147,825)$4,008,801 
Net income— — — 95,056 — — 95,056 
Other comprehensive income (loss), net of tax— — — — 16,881 — 16,881 
Stock option exercises/stock unit conversions (53,425 shares)
— — — (2,502)— 5,200 2,698 
Stock-based compensation expense recognized in earnings— — 2,443 — — — 2,443 
Purchase of treasury stock (400 shares)
— — — — — (27)(27)
Treasury stock issued to the 401(k) stock purchase plan (58,900 shares)
— — — (1,602)— 5,733 4,131 
Cash dividends – common stock ($0.71 per share)
— — — (44,957)— — (44,957)
Balance at end of period$ $642 $991,477 $2,724,681 $505,145 $(136,919)$4,085,026 
See accompanying Notes to Consolidated Financial Statements

6

Cullen/Frost Bankers, Inc.
Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in thousands, except per share amounts)
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Treasury
Stock
Total
Nine months ended:
September 30, 2021
Balance at beginning of period$145,452 $642 $997,168 $2,750,723 $512,970 $(113,939)$4,293,016 
Net income— — — 342,058 — — 342,058 
Other comprehensive income (loss), net of tax— — — — (162,687)— (162,687)
Stock option exercises/stock unit conversions (650,044 shares)
— — — (26,652)— 64,462 37,810 
Stock-based compensation expense recognized in earnings— — 7,756 — — — 7,756 
Purchase of treasury stock (12,103 shares)
— — — — — (1,342)(1,342)
Treasury stock issued to the 401(k) stock purchase plan (18,555 shares)
— — — (57)— 1,806 1,749 
Cash dividends – Series B preferred stock (approximately $36.59 per share which is equivalent to approximately $0.91 per depositary share)
— — — (5,488)— — (5,488)
Cash dividends – common stock ($2.19 per share)
— — — (140,510)— — (140,510)
Balance at end of period$145,452 $642 $1,004,924 $2,920,074 $350,283 $(49,013)$4,372,362 
September 30, 2020
Balance at beginning of period$144,486 $642 $983,250 $2,667,534 $267,370 $(151,614)$3,911,668 
Cumulative effect of accounting change— — — (29,252)— — (29,252)
Total shareholders' equity at beginning of period, as adjusted144,486 642 983,250 2,638,282 267,370 (151,614)3,882,416 
Net income— — — 242,881 — — 242,881 
Other comprehensive income (loss), net of tax— — — — 237,775 — 237,775 
Stock option exercises/stock unit conversions (196,948 shares)
— — — (11,627)— 19,171 7,544 
Stock-based compensation expense recognized in earnings— — 8,227 — — — 8,227 
Redemption of series A preferred stock (6,000,000 shares)
(144,486)— — (5,514)— — (150,000)
Purchase of treasury stock (182,225 shares)
— — — — — (14,000)(14,000)
Treasury stock issued to the 401(k) stock purchase plan (97,843 shares)
— — — (2,563)— 9,524 6,961 
Cash dividends – series A preferred stock (approximately $0.34 per share)
— — — (2,016)— — (2,016)